Commerce Bank Introduces Toggle

Commerce Bank is introducing toggle, an industry first innovative set of payment features that improves the way customers can manage their spending and borrowing. toggle allows consumers greater personal control of their finances with free tools that let them manage both their everyday spending and larger purchases all on one card.

“Customers today are looking for flexibility and simplicity when managing their finances, and toggle gives them new financial tools to do that,” said Chad Doza, Senior Vice President of Consumer Credit Card at Commerce. “With a traditional credit card, the customer waits until the end of the month to decide if they want to pay their bill in full or carry a balance. toggle lets the customer make that decision before the statement reflects the new charges. toggle offers customers the ability to manage all of their purchases, that are typically distributed across multiple credit and debit cards, using only their Commerce Bank credit card. Customers can now combine all their monthly spending activity onto one card and avoid interest on selected transactions while enjoying their Commerce Bank credit card security, benefits and rewards.”

toggle – An Industry-first Payment Feature

The toggle suite of features is available to all existing credit card accounts and is fully integrated into Online Banking. Two checking accounts from any financial institution can be linked to a customer’s Commerce credit card to create a customized payment plan for purchases ranging from everyday spending like gas and groceries to major purchases like appliances. Cardholders can adjust their payment preferences at any time and the new preferences will be applied nightly.

toggle consists of three distinct tools.:

  • Pay Now – Enables customers to specify the types of purchases that they wish to immediately have paid from their checking account, like groceries and gas, to avoid paying interest on these purchases when they post to their credit card. Customers simply turn the toggle switch to the ON position for each category that represents the types of credit card purchases they desire to Pay Now from their linked checking account. Pay Now also gives customers choice by selecting entire merchant categories, above or below a selected dollar amount, or by combining merchant category and amount.
  • Pay Later –Lets the customer leave designated credit card transactions on the card and manage that balance as they normally would. They may choose to Pay Later by turning the toggle switch to the OFF position, deleting a checking account or cancelling toggle.
  • UnwindTM – Enables customers to move a Pay Now purchase back to the credit card account so they can Pay Later. Unwind gives ultimate control and flexibility by allowing movement back to the credit card for any Pay Now transaction within the past 30 days.

“toggle gives our cardholders new ways to achieve their budgeting goals and manage their monthly spending with this advanced suite of features. We believe in providing our customers with the control that they desire and the flexibility to manage their finances in a customized way at no charge,” says Doza.

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